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Calculating a Simple Price Index. The table below lists the price of a basket of goods for 2016 and 2017. Good Popcorn Coke Movie

Calculate the price of this basket in the base year, 2016 and the subsequent year 2017. What is the inflation

Calculating a Simple Price Index. The table below lists the price of a basket of goods for 2016 and 2017. Good Popcorn Coke Movie ticket Basket Price Index Quantity 1 2 2 Unit price $6 $5 $12 2016 Total Cost $6 $10 $24 Unit price $8 $5 $13 2017 Total Cost $8 $10 $26 Calculate the price of this basket in the base year, 2016 and the subsequent year 2017. What is the inflation rate?

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